Following its shareholders’ decision in June 2021 to increase its capital, Globe Trade Centre S.A (GTC) offered 55 000 000 O-series bearer shares. On the back of strong demand, the company sold as many as 88 700 000 shares at PLN 6.40 per share, raising new capital of approximately €123 million which will be used to strengthen the group’s capital structure and fund growth.
The transaction was conducted in an accelerated book build between Tuesday, the 14th of December 2021 and Thursday, the 16th of December 2021. Over the two days, numerous Polish and international investors placed their demand declarations significantly oversubscribing the base offer comprising of the 55 000 000 new shares. The company decided to increase the offer size by more than 60%.
“We are very happy to be able to conduct such a successful transaction at yearend with such an enormous interest from our current, but also new, investors, which has allowed us to upsize the transaction and limit the discount to market price. It proves high demand for GTC’s shares and confirms our strategy and market position”, commented Yovav Carmi, President of the Management Board of GTC.
“Proceeds from this very successful capital increase, together with the funds from the sale of our Serbian portfolio, will allow us to strengthen our capital structure, decrease our loan-to-value ratio and fund our future growth. We are more than satisfied with the outcome of this capital increase. I would like to congratulate the syndicate team and thank them for their efforts on this transaction”, said Ariel Ferstman, CFO and Management Board Member of GTC.
“Despite challenging market conditions at the end of the year, both Polish and international investors contributed with a high-quality demand allowing GTC to upsize the transaction by as much as over 60% from the originally planned size and price it with a moderate discount of c. 6.6% to 10D VWAP. We are proud of being a part of this great success”, added Mateusz Kacprzak, Head of Corporate and Investment Banking at Santander Poland.
